Indian stocks fall, erasing earlier gains, Reliance declines
Wednesday, 2 September 2009
MUMBAY, Sept. 1 (Bloomberg): India's benchmark stock index fell for a second day, erasing earlier gains today, led by Reliance Industries Ltd.
Reliance, India's most valuable company, lost 1.7 per cent to 1,970.35 rupees. HDFC Bank Ltd., the third-biggest lender, fell 2.4 per cent to 1,435.15 rupees.
The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 134.60, or 0.9 per cent, to 15,532.04 at 2:03 p.m. in Mumbai. The gauge gained as much as 1.6 per cent earlier. The S&P CNX Nifty Index on the National Stock Exchange declined 0.9 per cent to 4,618.10. The BSE 200 Index decreased 0.9 per cent to 1,912.91.
Mumbai, Sep 1 (PTI) Erasing early gains, the Bombay Stock Exchange benchmark Sensex fell by over 135 points at midsession today on emergence of profit booking and reports of dismal exports figures.
The Sensex, which had surged to 15,923.09 in early trade, fell by 135.38 points to 15,531.26 at 1400 hrs.
The second wide-based National Stock Exchange index, Nifty fell by 44.50 points at 4,617.60, after touching the day's high of 4,735.90.
Marketmen said selling pressure sparked following reports of exports declining by 28.4 per cent to USD 13.6 billion for the month of July. Imports, during the same period dipped by 37.1 per cent to USD 19.6 billion.
They said a weak opening at European stock exchange this afternoon further fuelled the selling activities.
Earlier report adds: Indian stocks rose as the nation's biggest public offering in 20 months began trading and an increase in Indian factory output boosted optimism that recovery from the global economic crisis can be sustained.
NHPC Ltd., India's No. 1 hydroelectric power generator, added 5.4 per cent on its first day of trade. Maruti Suzuki India Ltd. soared 5 per cent to a record after announcing August vehicle sales jumped. Satyam Computer Services Ltd. and Unitech Ltd., a developer, advanced after they were included in the MSCI Emerging Markets Index.
India's manufacturing output rose for a fifth straight month as higher government spending and lower interest rates boosted domestic demand. Markit Economics' Purchasing Managers' Index fell to 53.2 in August from a revised 55.4 in July, according to a report released today. It was the fifth monthly reading above 50, which indicates a gain in factory production.
A rebound in manufacturing helped India's economic growth accelerate for the first time since 2007 in the three months to June, a report showed yesterday. The central bank and the government say their combined efforts are providing a stimulus to the economy worth more than 12 per cent of gross domestic product.
Reliance, India's most valuable company, lost 1.7 per cent to 1,970.35 rupees. HDFC Bank Ltd., the third-biggest lender, fell 2.4 per cent to 1,435.15 rupees.
The Bombay Stock Exchange's Sensitive Index, or Sensex, fell 134.60, or 0.9 per cent, to 15,532.04 at 2:03 p.m. in Mumbai. The gauge gained as much as 1.6 per cent earlier. The S&P CNX Nifty Index on the National Stock Exchange declined 0.9 per cent to 4,618.10. The BSE 200 Index decreased 0.9 per cent to 1,912.91.
Mumbai, Sep 1 (PTI) Erasing early gains, the Bombay Stock Exchange benchmark Sensex fell by over 135 points at midsession today on emergence of profit booking and reports of dismal exports figures.
The Sensex, which had surged to 15,923.09 in early trade, fell by 135.38 points to 15,531.26 at 1400 hrs.
The second wide-based National Stock Exchange index, Nifty fell by 44.50 points at 4,617.60, after touching the day's high of 4,735.90.
Marketmen said selling pressure sparked following reports of exports declining by 28.4 per cent to USD 13.6 billion for the month of July. Imports, during the same period dipped by 37.1 per cent to USD 19.6 billion.
They said a weak opening at European stock exchange this afternoon further fuelled the selling activities.
Earlier report adds: Indian stocks rose as the nation's biggest public offering in 20 months began trading and an increase in Indian factory output boosted optimism that recovery from the global economic crisis can be sustained.
NHPC Ltd., India's No. 1 hydroelectric power generator, added 5.4 per cent on its first day of trade. Maruti Suzuki India Ltd. soared 5 per cent to a record after announcing August vehicle sales jumped. Satyam Computer Services Ltd. and Unitech Ltd., a developer, advanced after they were included in the MSCI Emerging Markets Index.
India's manufacturing output rose for a fifth straight month as higher government spending and lower interest rates boosted domestic demand. Markit Economics' Purchasing Managers' Index fell to 53.2 in August from a revised 55.4 in July, according to a report released today. It was the fifth monthly reading above 50, which indicates a gain in factory production.
A rebound in manufacturing helped India's economic growth accelerate for the first time since 2007 in the three months to June, a report showed yesterday. The central bank and the government say their combined efforts are providing a stimulus to the economy worth more than 12 per cent of gross domestic product.